Erdogan Criticizes Interest-Based Economy
(MENAFN) Turkish Leader Recep Tayyip Erdogan argued on Friday that the flawed international system deepens social disparities and binds people to capitalism.
He underscored his position by stating, "I have repeatedly stated that we cannot legitimize interest or the interest-based economic system in any form."
Speaking at the Second Global Islamic Economy Forum, organized by Albaraka Bank in Istanbul, Erdogan declared that he would persist in challenging the interest-based economic framework.
He recalled Turkey's previous stance against global imbalances, such as the phrase "'the world is bigger than five'," and affirmed his intent to "not only object, but... strive to produce and disseminate alternatives."
He described resisting a system that compels societies to rely on interest as a noble and honorable act, asserting: "I will continue to advocate for an interest-free economy with a strong voice."
Erdogan emphasized the growing urgency for new frameworks across all fields, especially in economics.
He advocated for a model rooted in fairness, empathy, accountability, and human-centric values, particularly within the financial domain.
He criticized the dominant global economic order for its flawed foundation, which he said encourages overconsumption and the relentless pursuit of profit, thereby undermining moral values, worsening inequality, and promoting inefficient development.
Erdogan highlighted that although Muslims comprise roughly a quarter of the global population, Islamic financial systems are valued at only around USD2.5 trillion.
He also pointed out that the Organization of Islamic Countries (OIC)—the world's second-largest international body after the United Nations with 57 member nations—represents only about 11 percent of global trade and that the Muslim population's 25 percent share of the global populace corresponds to merely 9 percent of the world economy.
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